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Total ETH locked reaches new highs but here’s the caveat to it all…

Press Releases Crypto News AMB-Crypto Total ETH locked reaches new highs but here’s the caveat to it all…

Ethereum locked on the beacon chain reaches new highs as deposits increase.
Whales start to lose interest in ETH as selling pressure surges.

Ethereum’s [ETH] price experienced greater volatility following the implementation of the Shapella Upgrade. Nonetheless, the Ethereum network has continued to attract significant attention, as evidenced by the peak number of deposits on its beacon chain.

Read Ethereum’s [ETH] Price Prediction 2023-2024

Hitting new highs, but for how long?

According to Nansen’s data, the total ETH locked on the Ethereum network hit a new all-time high since the Shapella upgrade. The total ETH locked reached 18,879,775 ETH as of 24 April.

ETH Locked refers to all ETH that is currently not in circulation, encompassing various categories such as ETH that has been staked on the Beacon chain, ETH that has been deposited to the Beacon contract but is not yet being utilized for validation, and rewards received on the Beacon contract.

Source: Nansen

However, it is important to note that the amount of ETH waiting for full exit is about 4.7% of the total ETH on the Beacon chain. This includes rewards, which are equal to 894,671 ETH. Additionally, there are 27,809 validators that are currently waiting for a full exit.

It is also worth noting that only 86.4% of validators have successfully updated their withdrawal address to 0x01. For context, validators need to change their addresses from 0x00 to 0x01 to unstake their holdings.

Although the interest in depositing ETH onto the beacon chain was high at press time, the trend could change after all full exits are processed and the number of withdrawals could exceed the number of deposits in the coming days. Go to Source to See Full Article
Author: Himalay Patel

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